Decibel Cannabis said it has entered into a binding agreement for the sale of the assets of its brick-and-mortar retail cannabis operations to Fire and Flower Inc., a wholly-owned subsidiary of 2759054 Ontario Inc. d.b.a FIKA, for approximately CAD$3 million. Prairie Records is comprised of three cannabis stores in Alberta and three cannabis stores in Saskatchewan.
"Decibel remains committed to our core mission of delivering exceptional cannabis brands and products in Canada and around the world. The sale of Prairie Records marks a strategic decision in our growth journey, enabling us to focus resources and drive innovation in our core branded product business. We are dedicated to expanding and diversifying our premium product brand portfolio in Canada and globally." said Adam Coates, Chief Revenue Officer. "Prairie Records continues to hold its place as one of the most unique and beloved cannabis retail brands in Canada. We are proud of Prairie Records' legacy, the team that helped make it a success and believe that FIKA is a great fit to continue serving Prairie Records customers now and into the future."
The transaction is subject to customary conditions of closing for a transaction of this nature and is expected to close before the end of the first quarter of 2024.
Decibel also announced that CEO Paul Wilson has informed the board of directors of his intention to retire from Decibel. As a result of Wilson's retirement, the board is preparing a transition plan, with the intention of a new CEO being named in the coming weeks.
